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Dec 9, 2012 2:00pm EST
$7.3 billion in transportation-related damages due to superstorm sandy. of that total, the new york mta suffered about 5 billion in dages. it's huge. i never saw anything like it. we have the longest underground tunnel in the world in the brooklyn battery tunnel. i take it almost every day i'm in new york city because my home in brooklyn is connected to it. it was totally filled with water. both tubes, from one end to the other, from the manhattan end to the brooklyn end. ere were close to 100 million gallons of water that had to be pumped out of that tunnel and it's still not back up to snuff. that's one of many examples. there's so many. the mta did a very good job. i want to congratulate joe lhota. they moved their rolling stock to high ground. tried to barricade this awful flood in the best way they could. boy, it's awful. the mta is the largest public transportation system in the country. it's the life blood of new york. it's our circulatory system. 3.5 million people g on and off manhattan island every day to work. wow. 3.5 million people. i guess that's more than the people i
Dec 7, 2012 2:00pm EST
devastation that the state has faced after superstorm sandy. i appreciate the opportunity to give one of two de. mentions of that. just to give you a since of the numbers, we lost 34 lives, during the storm. it was the largest mass transit distafter in our nation's history. four out of 10 of the nation's transit riders had their communes disrupted by the storm and many of them still do today. new jersey transit alone had dozens of rail cars damaged in the flooding, miles and miles of tracks damaged. the estimate provided by the state is up to $37 billion. we're getting more damage numbers but we're told with transportation and commerce is incal youable. the port of new york and new jersey which most of it is on the new jersey side is the mega port of the east coast it is a quarter of a million jobs, $25 billion to $30 billion. ships were unloading during the course of the storm but the full recovery on the damage of the ports is going to take much longer. the storm surge grew to 14 feet, winds were about 90 miles an hour, more than 700 cargo containers were damaged when the surge and the hig
Dec 6, 2012 10:00am EST
will chair -- menendez will chair a hearing next month, december 10, on superstorm sandy. >> thank you for joining us. i would like to understand better an aspect of the act warle review. -- act warle review. -- act wearl review. -- actuarial review. you observe on page eight of your testimony the fact that the lower the interest rate environment the worse shape the fund is to simplify things. you walk through the mechanisms by which lower interest rates, while good for the economy overall, tend to have an adverse impact on the value of the fund. my understanding is that the actuarial review contemplates a low interest rate environment. and in the low interest rate environment the value of the fund is negative $31 billion. are we in a low interest rate environment today? and aren't we by virtue of what the fed has said, which is to say maintaining current policy at least through mid 2015, so three years or so, at least, isn't it very likely we're going stay in the low interest rate environment and shouldn't that be the prevailing environment assumption? >> you make a very important
Dec 5, 2012 1:00pm EST
by superstorm sandy. i'm very grateful for the very productive conversations we've had with governor cuomo, with the delegation, with our appropriators, along with our leaders. i just want to thank you for being so thoughtful and hopeful in trying to create the best momentum possible for the recovery that our families need. particularly eknow that as you soffered -- suffered through hurricane katrina and the enormous work you have to do to rebuild new orleans and other surrounding areas, your advocacy during that time was extraordinary. and i really appreciated then you said that you would stand i us in the way new york stood by you in that difficult time, that was extremely kind. i also want to talk a little bit about how this storm is affecting our families and what kind of recovery is it's actually taking to rebuild. obviously millions of peoples' lives have been affected. more than 40 new yorkers, more than 40 new yorkers have died and millions were left with significant damages to their homes, neighborhoods, businesses and families. one story is a man, pedro correa, fro
Search Results 0 to 3 of about 4